Toncoin Trims Losses, Beats Bitcoin and Ether, as TON Blockchain Comes Back Online

As a researcher, I found that the brief halt in operations was partially attributed to the widespread interest in the DOGS airdrop, an initiative by the Ton Foundation to draw attention to the allegedly unjust arrest of Pavel Durov. However, this event didn’t translate into a ‘day at the races’ for the protocol’s native token.

In other words, Ether futures saw the largest amount of liquidation at approximately $102 million, with Bitcoin following closely behind at around $96 million, while various lesser-known alternative tokens recorded about $40 million in liquidations.

abrupt sales might have led to a prolonged downward pressure, intensifying the losses. This downward pressure, known as a “squeeze,” happens when traders who predicted rising prices find themselves needing or being compelled to sell in a declining market to minimize their losses – thus setting off a chain reaction.

Based on CoinGlass data, we see that open interest in bitcoin futures has decreased from $34 billion on Monday to $31 billion currently. This drop in open interest suggests a decline in trader enthusiasm as the asset’s price fell, implying reduced optimism among market participants. Open interest represents the amount of outstanding, yet unsettled, futures contracts, and it provides insight into whether fresh capital is flowing into or out of the market.

Yesterday, U.S.-based Bitcoin ETFs experienced a total withdrawal of approximately $127 million, ending an eight-day run of deposits. Similarly, Ether ETFs have seen continuous withdrawals for nine days in a row, with around $3.45 million being taken out.

As a researcher, I’ve observed a substantial $127 million exit from Bitcoin ETFs following the Jackson Hole rally, suggesting traders were cashing in their profits. Meanwhile, Ethereum has been struggling, with nine consecutive days of outflows, as its mainnet grapples with an identity crisis, according to Augustine Fan, head of insights at SOFA, a financial products provider in the on-chain sector, as he shared via Telegram.

“The demand for short-term volatility increased significantly, causing traders to purchase protective puts due to the ongoing weak momentum in the market, which is being affected by an excess supply and a lack of immediate positive events or triggers.”

Despite the anticipation of Nvidia delivering blockbuster earnings, many AI-related tokens are still experiencing a downturn.

The cryptocurrency NEAR has decreased by 10% based on CoinDesk Indices data, while ICP has fallen 6.5%, FET has declined 11.8%, and Bittensor’s TAO is also down 11.3%. In addition, RENDER (RNDR) experienced a drop of 9.5%.

“Katie Stockton, Founder and Managing Partner of Fairlead Strategies, noted in a recent interview on CoinDesk TV that the perception towards AI has noticeably changed, based on the performance of AI-related stocks like those tied to AI tokens and NVIDIA. After experiencing a dip and rebound, NVIDIA continues to exert considerable influence, more so due to its upcoming earnings report.”

“This could either push the market higher before a potential September correction or start that correction. We expect NVIDIA and the mega caps to enter a more range-bound environment amid increased volatility, regardless of AI exposure,” she continued.

In other news, Hex Trust, a custodian based in Hong Kong, unveiled a new staking partnership program. This move expands client access to staking services, suggesting that the institutional investment in this asset class is growing steadily.